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The US government sanctions two shipping companies for violating the Russian oil price cap

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The Treasury Department has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap. The United States, along with the European Union, countries in the Group of Seven and Australia, imposed a $60 a barrel limit last year on what Russia could charge for its oil.

FILE - The Treasury Building is viewed in Washington, May 4, 2021. The U.S. Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap. WASHINGTON — The Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a

The companies being penalized are based in the United Arab Emirates and Turkey, the department said in a statement. A senior treasury official, who briefed reporters on condition of anonymity per department rules, said that the government has usually contacted a ship’s flagging nation and insurer if there is even a suspicion of a violation, leading to the ship losing access to insurance or a country’s registration.

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